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Foreign income streams are under the Australian Taxation Office’s scrutiny this tax time, with individuals well advised to correctly declare their income sources.

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Assistant commissioner Karen Foat said that hiding assets and income offshore is now “pointless” considering that the Tax Office has information regarding more than 1.6 million offshore accounts that hold more than $100 billion collectively.

 

“If you’re an Australian resident for tax purposes, you are taxed on your worldwide income, so you must declare all of your foreign income no matter how small the amount may be,” she flagged.

“This may include income from offshore investments, employment, pensions, business and consulting, or capital gains on overseas assets,” the assistant commissioner outlined.

 

She warned that any Australians who “deliberately move cash overseas in an attempt to hide it should be concerned”.

The assistant commissioner considered tax havens as becoming a less effective model of hiding interests as international agreements improve transparency.

 

“You can no longer hide money behind borders,” she advised.

 

Foreign income includes most pensions and annuities, interest, dividends, royalties, rent, capital gains and personal services income.

 

Nest Egg has previously considered whether Australians or small businesses are claiming all they are entitled to this tax time and the mistakes that should be avoided when filing a tax return. 

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Foreign income streams are under the Australian Taxation Office’s scrutiny this tax time, with individuals well advised to correctly declare their income sources.

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The black economy is costing Australian society as much as $50 billion dollars, according to the ATO.

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The figure comes from the Black Economy Taskforce, which has outlined that the estimated cost of the black economy is costing the community around 3 percent of the nation’s gross domestic product (GDP).

With the definition of the black economy encompassing activities such as paying for work cash-in-hand, not reporting or under-reporting income, phoenixing, sham contracting, as well as wage underpayment, illegal drugs and tobacco, the ATO has reminded the public that “this is money that the community is missing out on for vital public services like schools, welfare, roads, healthcare and infrastructure”.

According to assistant commissioner Peter Holt, Australia’s tax system “funds the services that benefit all of us”.

“The Australian way of life depends on everyone paying the right amount of tax,” he continued.

He went on to note that the ATO is seeing “an upwards trend in the number of referrals to our tip-off line from people who know or suspect phoenix, tax evasion or black economy behaviour, which suggests that the community, as well as honest businesses, have had enough of those who are cheating the system and getting an unfair advantage”.

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The black economy is costing Australian society as much as $50 billion dollars, according to the ATO.

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Slashing the official cash rate has not had the desired impact on Australian unemployment levels, with new figures showing the unemployment rate has actually increased over the past month.

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Previously providing justification for the rate reductions, RBA governor Philip Lowe had said that the lowering of the cash rate would reduce unemployment and in effect lead to an increase in consumer spending, in turn helping the central bank achieve its inflation target.

However, new figures from the Australian Bureau of Statistics (ABS) show an upward trend for the unemployment rate in July 2019 to 5.3 per cent, from 5.2 per cent in June.

ABS chief economist Bruce Hockman said the unemployment rate was “the same level as this time last year”.

In his speech to the Senate, Mr Lowe had outlined that higher participation levels were a factor which helped explain why unemployment hasn’t fallen.

Despite the upwards move, Mr Lowe said he still expects the unemployment rate to fall slowly more in the long term.

“Looking forward, while some slowing in employment growth is expected, the central scenario is for the unemployment rate to move lower to reach 5 per cent again in 2021,” he said.  

The governor has also called out that the Australian economy has “spare capacity”.

“If things evolve in line with this central scenario, it is probable that we will still have spare capacity in the labour market for a while yet, especially taking into account underemployment.” 

Seasonally adjusted figures show the rate of unemployment remains steady at 5.2 per cent in July while underemployment rate increased by 0.2 of a percentage point to 8.4 per cent.

The official figures from the ABS also outlined that the seasonally adjusted participation rate increased by 41,100 persons and has lifted the overall participation rate to 66.1 per cent.

The net movement of employed in both trend and seasonally adjusted terms is underpinned by around 300,000 people entering and leaving employment in the month.

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Slashing the official cash rate has not had the desired impact on Australian unemployment levels, with new figures showing the unemployment rate has actually increased over the past month.

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Wage growth has remained stagnant at 2.3 per cent growth per year, despite a late boost coming through in June, new data has shown.

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Official figures from the Australian Bureau of Statistics (ABS) has indicated that wages grew by 0.6 per cent in the June quarter, outgrowing the expectations of leading economists.

Seasonally adjusted private sector wages grew by 0.5 per cent, while public sector wage growth was 0.9 per cent in the quarter.

According to the ABS’ chief economist Bruce Hockman, wage growth was well supported by the public sector over the months surveyed.

“The most significant contribution to wage growth this quarter came from the public sector component of the healthcare and social assistance industry, where a number of large increases were recorded in Victoria under a plan to ensure wage parity with other states," Mr Hockman outlined.

Across all sectors and over the entire year, the rise was 2.4 per cent. 

Over the 12-month period, the private sector saw 2.3 per cent wage growth while the public sector experienced 2.7 per cent wage improvements, the ABS said.

By industry, annual wage growth to the June quarter ranged from 1.7 per cent for wholesale trade to 3.3 per cent for healthcare and social assistance.

The bureau also called out Western Australia as recording the least improvement to wage growth at 1.6 per cent, while Victoria recorded the most growth nationwide, of 2.9 per cent.

Overall, “wage growth continues at a steady rate in the Australian economy on the back of strong public sector growth over the quarter,” Mr Hockman concluded.

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Wage growth has remained stagnant at 2.3 per cent growth per year, despite a late boost coming through in June, new data has shown.

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A High Court decision regarding the infamous “Paradise Papers” means the Australian Tax Office can continue its fight against large corporations hiding capital in tax havens. 

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In a statement from the ATO’s second commissioner Jereyy Hirschhorn, it was indicated that the organisation will continue to target large corporations who are not paying tax in Australia, namely Glencore, who was at the centre of the High Court battle to have documents detailing money movements labelled as subject to legal professional privilege.

The coal producer lost the bid to hide documents that were leaked as part of the Paradise Papers.

Commenting on the decision, Mr Hirschhorn said “the ATO will continue to use all information available to ensure large corporations and those trying to hide money overseas are paying the right amount of tax”.

“Our wide and growing range of information sources and increased collaboration with overseas agencies are vital tools in achieving this objective,” he continued. 

Discussing how taxes not being paid where they are due in Australia hurt the national economy, the commissioner said the ATO “will continue to work for all Australians in ensuring that our revenue base is not eroded by taxpayers not paying the right amount of tax in Australia”. 

He called the decision against Glencore a “win for the Australian community who rightly expect the ATO to use all information available to ensure large corporations and those who seek to hide money overseas are paying the right amount of tax”.

The Paradise Papers, some of which detailed Glencore dealings, was a set of 13.4 million confidential electronic documents relating to offshore investments that were leaked to a German reporter back in 2017.

According to the information leaked, Glencore has previously moved billions of dollars of global assets into offshore tax structures to avoid paying tax domestically.

When the information first leaked, the ATO announced it would respond “decisively” to the information alleged within the documents.

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A High Court decision regarding the infamous “Paradise Papers” means the Australian Tax Office can continue its fight against large corporations hiding capital in tax havens. 

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Salary sacrificing can be worthwhile in the pursuit of lower tax payments to the ATO and in the boosting of retirement savings, among its perks for employees, so nestegg spoke with an expert on the topic to find out exactly how Australians can use the practice to their advantage.

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HLB Mann Judd manager and chartered accountant Helena Yuan has highlighted some of the ways salary sacrificing can benefit individuals and the most important things to consider when setting up a salary sacrificing system.

What is salary sacrificing or salary packaging?

“Salary sacrificing exists as an alternate employee remuneration to the traditional cash salary,” Ms Yuan explained, with employees usually taking up such arrangements to achieve an overall tax saving.

The arrangement is between an employer and an employee and occurs where an employee agrees to ‘sacrifice’ part of his or her salary for non-cash benefits “of a similar value in pre-tax dollars”.

When an arrangement is effective, the employee would pay personal income tax on the reduced salary and generally results in an increased take-home pay.

What are the ways someone can salary sacrifice?

There are a number of ways people choose to salary sacrifice, but one of the most common, according to Ms Yuan, is salary sacrificing of superannuation.

Considering it one of the most effective ways to boost retirement savings, Ms Yuan noted salary-sacrificed super’s classification as an employer contribution and is taxed at 15 per cent in the super fund, with future earnings also taxed at 15 per cent.

She also reflected on the practice of young people salary sacrificing towards the First Home Super Saver scheme, which enables individuals to save money inside of their superannuation fund, which, according to the ATO, “will help first home buyers save faster with the concessional tax treatment of super”.

Fringe benefits are also commonly utilised, which include cars, (in-house) property and expense payments that may include school fees, meal entertainment expenses and entertainment facility leasing expenses.

FBT exempt benefits that may be sacrificed can also include work-related portable electronic devices and the limited-use, living-away-from-home allowance, the chartered accountant continued.

Additionally, those in the private sector may be offered options or shares in their company as part of their remuneration, which, Ms Yuan said, has the effect of “relieving the work capital requirements and incentivise[s] employees to contribute to the business growth”.

Are there any limits on salary sacrificing?

The most extreme instance Ms Yuan has seen of salary sacrificing was where someone sacrificed their entire remuneration for non-cash benefits “when the employee did not need additional cash as living expenses”.

While this is not generally a feasible option for workers, there is no statutory restriction on what can be salary sacrificed and how much, she explained.

Instead, salary sacrifice limits are generally driven by fringe benefit tax exemption limits or the type of benefits that are able to be concessionally taxed, the accountant said.

It’s worth noting, too, that an employer’s internal policies for balancing administrative burdens with employee incentive may also play a large part in how available salary packaging is for employees.

Why should you salary sacrifice?

Ms Yuan called salary sacrificing “a must for employees working for FBT exempt or FBT rebatable employers, including charities, hospitals or not-for-profit organisations”.

She also encouraged anyone with the opportunity to package FBT exempt or concessionally taxed items to, at the very least, “consider taking up salary packaging”.

For anyone working in the private sector, “generally speaking, salary packaging is most effective for mid-to-high income earners”, according to Ms Yuan.

She also said car fringe benefits are also effective for employees who have high business usage.

When should you salary sacrifice?

Emphasising the prospective nature of salary sacrificing, Ms Yuan instructed anyone considering such a strategy that “it is very important to know that a salary-sacrifice arrangement can only be put in place prospectively with details of the amount of salary income to be sacrificed, that is, before the employees have provided their services to the employer and have earned the income”.

“For example, it would be difficult to salary sacrifice a bonus rewarded to employees at the end of a financial year if the bonus is linked to the employees’ performance in that financial year, unless an effective salary sacrifice arrangement has been put in place at the beginning of the year in respect of the bonus,” she explained.

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